First-time buyers (FTBs) could wait nine years to buy their first home, five years longer than they expect, according to research by Yorkshire Building Society (YBS).
With three in five (61%) FTBs expecting to own their own home within four years of starting to save for a deposit, and the average UK house price standing at £246,244, prospective buyers need to save a 5% deposit of at least £12,312, on average.
This timeline increases to 18 years if they are aiming for a 10% deposit.
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